There are many terms that did not exist a decade ago which are becoming part of our daily lexicon. One of these terms is iGaming, a phenomenon that is taking over the internet and bringing a whole new generation of gamers into the fold. This article is going to define what iGaming is and the many ways in which technology is likely to shape the industry’s development in the next few years.
What is iGaming?
iGaming is an umbrella term for all aspect of online betting – this includes everything from sports betting to online casinos – although it is not typically used to refer to multiplayer video games. Rather, one would describe the use of online sport betting books or playing video poker as iGaming.
The iGaming industry has developed massively in the last couple of years, earning a lion’s share of the market and demonstrating that the future is bright!
Types of new technology
This growth has only been made possible by the adoption of many different types of technology, such as the blockchain. While its total potential is still unknown, blockchain technology has already given the iGaming industry a lot to work with. For example, it provides an objective source of record keeping that is totally public and transparent. It also enables a level of automation and speed that is unprecedented, because of the decentralized network processing all of the transactions. Blockchain also has other perks, such as cryptocurrencies.
Cryptocurrencies and digital wallets are perhaps the most exciting aspect of iGaming’s future. They provide a level of privacy and security that has been impossible before, when people’s accounts were directly linked to their personal information. Now, you are able to buy, save or sell cryptocurrencies on exchanges with amazing ease. The traditional hindrances that are associated with fiat currencies – such as exchange rates – are also gone. Though there is a bit of a learning curve when one starts out with cryptocurrency, the benefits of a digital wallet far outweigh the negatives.
Developers will also focus on designing games and apps for mobile devices. While it is still prudent to have desktop styles of the games, mobile versions are just more practical for the user.
A final example of technology that is being used by iGaming is the Quantum Random Number Generator (QRNG). In the past, traditional number generators utilized complex mathematical equations that mimicked a sense of randomness but were ultimately predictable. However, the QRNG measures particle fluctuations and disappearances in a vacuum, and attributes numbers to these particles. The result is a random number generator completely dictated by nature.
What are the results of all these different types of tech working together?
The benefits of all these types of technology working together are endless, and experts say that the industry is just beginning to scratch the surface. However, some of the greatest benefits are already being demonstrated.
One primary example is a more pleasurable gaming experience – because those iGaming casino websites that use generators like the QRNG are able to guarantee players that the outcomes of the games are truly random, resulting in more exciting game play and therefore loyal customers. This wonderful experience is present throughout the games, from the thrill of chance to the dedicated casino designers curating everything from the sound track to the tile design, to attractive bonuses offered to new and existing players.
The blockchain permits faster payouts for sports betting, allowing winners to receive their payments within minutes of the final whistle. Those who participate using cryptocurrency also benefit massively as they are not subservient to fiat currencies that might take days or weeks to be deposited correctly.
As blockchain technology improves and more people become aware of its dependability and applications, it will become a more normalized part of everyday life. This will be outstanding for the iGaming world because increased acceptance will result in more nations allowing for online betting to be licensed in their country.
The outlook of iGaming is very exciting for it is a key example of multiple types of technology working together to provide the best user experience possible. Whether your preferred type is betting on the Chicago Bears making the playoffs or blowing off some steam after work by playing the slot machines for a while, you should be excited for the future!